logo image
search icon
IoT and Virtual Hospital Market

IoT and Virtual Hospital Market Size, Share & Trends Analysis Report By Component (Hardware, Software and Services, Connectivity Devices), By Application (Remote Patient Monitoring, Telemedicine, Store and Forward Telemedicine, Mhealth, Others), By End User (Hospitals and Surgical Centers, Clinical Research Organizations, Government and Defense Organizations, Research and Diagnostics Laboratories), By Region, And By Segment Forecasts, 2024-2031

Report ID : 2316 | Published : 2024-02-26 | Pages: 180 | Format: PDF/EXCEL

IoT and Virtual Hospital Market Size is valued at USD 13.95 Bn in 2023 and is predicted to reach USD 57.43 Bn by the year 2031 at a 19.9% CAGR during the forecast period for 2024-2031.

IoT and Virtual Hospital Market

The Internet of Things (IoT) and connectivity are revolutionizing the healthcare industry by enabling virtual hospitals. IoT devices provide remote patient monitoring, which improves access and quality of care while lowering costs. These virtual care solutions use wearable sensors and smart medical equipment connected via the internet to broadcast data such as vitals, activity levels, and other health parameters to clinicians even when the patient is not physically present.

The industry is being driven by the increased use of smartphones, smart devices, and wearables to monitor patients. Moreover, the industry is growing as more people use remote patient monitoring to improve out-of-hospital care. Also, rising investments in adopting digital technologies in healthcare institutions, as well as the emergence of connected care, are significant drivers of industry growth. Technological improvements, an increasing geriatric population, and the rising prevalence of chronic illnesses all have a favorable impact on market growth. Furthermore, rising affordability and lower hardware costs are fueling smartphone demand, which is likely to drive market expansion.

Competitive Landscape

Some Major Key Players In The IoT and Virtual Hospital Market:

  • Microsoft,
  • IBM,
  • Oracle,
  • GE Healthcare,
  • Siemens,
  • Cerner,
  • Allscripts,
  • McKesson,
  • Koninklijke Philips,
  • Medtronic

Market Segmentation:

The IoT and Virtual Hospital Market is segmented as components, applications, and end-users. As per the components, the market is segmented as Hardware, Software and Services, and Connectivity Devices. By application, the market is segmented into Remote Patient Monitoring, Telemedicine, Store and Forward Telemedicine, health, and Others. By the end-user segment comprises Hospitals and Surgical Centers, Clinical Research Organizations, Government and Defense Organizations, and Research and Diagnostics Laboratories.

Based On Application, The Telemedicine Segment Is Expected To Have The Fastest Growth. 

The telemedicine segment is expected to grow the fastest over the projection period. The market is being driven by industry consolidation, strategic initiatives by leading market participants, and an increasing need to cut healthcare costs. The industry has various growth opportunities due to rising consumer demand and patient acceptability, improved quality of treatment, and more telemedicine use.

Based On Application, Hospitals, And Surgical Centers Are The Biggest Contributors To The Market.

Hospitals and Surgical Centers are the largest contributors to the market and are predicted to expand during the forecast period. This business is being propelled forward by healthcare providers' increased usage of the Internet of Things (loT) enabled medical devices to improve care delivery effectiveness and allow for patient-centric care. The growing frequency of chronic health conditions such as diabetes, cardiovascular disease, arthritis, and cancer has put pressure on hospital resources. The volume of patient data generated is growing at an exponential rate, in tandem with the total number of patients treated.

In The Region, The North America Iot And Virtual Hospital Market Holds A Significant Revenue Share.

North America is predicted to be the largest market for IoT and Virtual Hospitals over the forecast period. In North America, the remote patient monitoring application segment now dominates the burgeoning Internet of Things (IoT) and virtual hospital markets. In recent years, advancements in connected healthcare technologies have allowed for more robust remote monitoring of patients, particularly those with chronic diseases. In the North American region, the mHealth application segment also shows great promise for future growth in IoT and virtual healthcare delivery. The proliferation of smartphones and wearable technologies has opened up new avenues for disease self-management and decentralized care.The Asia Pacific region is projected to experience the highest growth within the forecast period due to enhancements in healthcare infrastructure, rising healthcare expenditure in developing Asian nations, and increased adoption of advanced technology to reduce medical expenses and optimize hospital operations, which are driving the demand for IoT in healthcare in the region. 

Recent Developments:

  • In June 2022, GE Healthcare launched the Allia platform, which is intended for minimally invasive image-guided surgery. The platform was created after a multiyear collaboration with surgeons and interventionists. Allia was created to improve workflow efficiency, enhance user experience, and increase the usage of picture guidance in daily practice.
  • In March 2021, Surgical Theater and Medtronic announced a collaboration to integrate Surgical Theater's SyncAR augmented reality (AR) technology into Medtronic's Stealth Station S8 surgical navigation system.

IoT and Virtual Hospital Market Report Scope

Report Attribute

Specifications

Market Size Value In 2023

USD 13.95 Bn

Revenue Forecast In 2031

USD 57.43 Bn

Growth Rate CAGR

CAGR of 19.9% from 2024 to 2031

Quantitative Units

Representation of revenue in US$ Bn and CAGR from 2024 to 2031

Historic Year

2019 to 2023

Forecast Year

2024-2031

Report Coverage

The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends

Segments Covered

By Component, Application, End-user

Regional Scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country Scope

U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea

Competitive Landscape

Microsoft, IBM, Oracle, GE Healthcare, Siemens, Cerner, Allscripts, McKesson, Koninklijke Philips, Medtronic and others.

Customization Scope

Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing And Available Payment Methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope

1.1. Research Methodology

1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global IoT and Virtual Hospital Market Snapshot

Chapter 4. Global IoT and Virtual Hospital Market Variables, Trends & Scope

4.1. Market Segmentation & Scope

4.2. Drivers

4.3. Challenges

4.4. Trends

4.5. Investment and Funding Analysis

4.6. Industry Analysis – Porter’s Five Forces Analysis

4.7. Competitive Landscape & Market Share Analysis

4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Component Estimates & Trend Analysis

5.1. by Component & Market Share, 2019 & 2031

5.2. Market End-User (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Component:

5.2.1. Hardware

5.2.2. Software and Services

5.2.3. Connectivity Devices

Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis

6.1. by Application & Market Share, 2019 & 2031

6.2. Market End-User (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:

6.2.1. Remote Patient Monitoring

6.2.2. Telemedicine

6.2.3. Store And Forward Telemedicine

6.2.4. Mhealth

6.2.5. Others

Chapter 7. Market Segmentation 3: by End-User Estimates & Trend Analysis

7.1. by End-User & Market Share, 2019 & 2031

7.2. Market End-User (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by End-User:

7.2.1. Hospitals And Surgical Centers

7.2.2. Clinical Research Organizations

7.2.3. Government And Defense Organizations

7.2.4. Research And Diagnostics Laboratories

Chapter 8. IoT and Virtual Hospital Market Segmentation 4: Regional Estimates & Trend Analysis

8.1. North America

8.1.1. North America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Component, 2019-2031

8.1.2. North America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

8.1.3. North America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2019-2031

8.1.4. North America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

8.2. Europe

8.2.1. Europe IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Component, 2019-2031

8.2.2. Europe IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

8.2.3. Europe IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2019-2031

8.2.4. Europe IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

8.3. Asia Pacific

8.3.1. Asia Pacific IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Component, 2019-2031

8.3.2. Asia-Pacific IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

8.3.3. Asia Pacific IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2019-2031

8.3.4. Asia Pacific IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

8.4. Latin America

8.4.1. Latin America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Component, 2019-2031

8.4.2. Latin America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

8.4.3. Latin America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2019-2031

8.4.4. Latin America IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

8.5. Middle East & Africa

8.5.1. Middle East & Africa IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Component, 2019-2031

8.5.2. Middle East & Africa IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031

8.5.3. Middle East & Africa IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by End-User, 2019-2031

8.5.4. Middle East & Africa IoT and Virtual Hospital Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031

Chapter 9. Competitive Landscape

9.1. Major Mergers and Acquisitions/Strategic Alliances

9.2. Company Profiles

9.2.1. Microsoft

9.2.2. IBM

9.2.3. Oracle

9.2.4. GE Healthcare

9.2.5. Siemens

9.2.6. Cerner

9.2.7. Allscripts

9.2.8. McKesson

9.2.9. Koninklijke Philips

9.2.10. Medtronic

9.2.11. Other Prominent Players

Segmentation of IoT and Virtual Hospital Market-

IoT and Virtual Hospital Market By Component-

  • Hardware
  • Software and Services
  • Connectivity Devices

IoT and Virtual Hospital Market Seg

IoT and Virtual Hospital Market By Application-

  • Remote Patient Monitoring
  • Telemedicine
  • Store and Forward Telemedicine
  • Mhealth
  • Others

IoT and Virtual Hospital Market By End User -

  • Hospitals and Surgical Centers
  • Clinical Research Organizations
  • Government and Defense Organizations
  • Research and Diagnostics Laboratories

IoT and Virtual Hospital Market By Region-

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa

InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

user icon
office icon
mail icon
call icon

This website is secure, and we do not share your personal information with any third party. Privacy Policy

Need Customization
Need specific information/chapter from the report of the custom data table, graph or complete report? Tell us more.

Frequently Asked Questions

How big is the IoT and Virtual Hospital Market Size?

IoT and Virtual Hospital Market is expected to grow at a 19.9% CAGR during the forecast period for 2024-2031.

Microsoft, IBM, Oracle, GE Healthcare, Siemens, Cerner, Allscripts, McKesson, Koninklijke Philips, Medtronic and others.

Our Clients

  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo
  • client logo

Media Citations

  • media citation logo
  • media citation logo
  • media citation logo
  • media citation logo
  • media citation logo
  • media citation logo
  • media citation logo
  • media citation logo
  • media citation logo

Growth opportunities and latent adjacency in Healthcare IT

Select Licence Type
$4456
$7786
$10000
$1200
Get Your GTM Strategy

Navigate market entry with channel selection, launch strategy & timeline, and pricing model support.

Equip yourself with the insights needed to develop a winning go-to-market strategy

Get real-time updates and joint control over project direction with our collaborative approach